Comprehensive Guide to Checking Your Edusave Balance

Introduction

Edusave is a savings scheme established by the Singapore government to encourage Singaporean students to save for their education. Contributions to Edusave accounts are made by the government, parents, and students themselves. The funds in Edusave accounts can be used to offset education expenses, such as school fees, tuition fees, and enrichment programs.

It is important to regularly check your Edusave balance to ensure that you are making the most of this savings scheme. The process of checking your balance is simple and can be done in a few different ways.

Methods for Checking Edusave Balance

1. Online

• SingPass MyInfo: Log in to SingPass MyInfo and select "Edusave Account" from the "Education" category.
• myEdusave App: Download the myEdusave app from the App Store or Google Play. Register and log in using your SingPass or NRIC.

2. SMS

Send an SMS to 71177 with the following message:

EDU nric number

Replace "nric number" with your NRIC number without spaces. You will receive an SMS with your Edusave balance.

3. In-person

Visit any DBS/POSB branch and present your NRIC to a customer service officer.

4. Post

Send a letter to the following address:

MyEdusave
P.O. Box 313
Singapore 910709

Include your full name, NRIC number, and contact details in the letter. You will receive a statement of your Edusave account by mail.

Understanding Edusave Contributions

Government Contributions:

• Primary School Level (P1-P6): $200 per year
• Secondary School Level (S1-S4): $300 per year
• Tertiary Education Level: Up to $7,500 per year

Parent Contributions:

Parents can make voluntary contributions to their child's Edusave account up to the following limits:

• Primary School Level: $1,000 per year
• Secondary School Level: $3,000 per year
• Tertiary Education Level: $6,000 per year

Student Contributions:

Students can contribute their own savings to their Edusave account through the myEdusave app or by visiting a DBS/POSB branch.

Benefits of Checking Your Edusave Balance

• Monitor Your Savings: Regularly checking your balance allows you to track the growth of your savings and ensure that you are on track to meet your education goals.
• Identify Irregularities: By monitoring your balance, you can quickly identify any unauthorized withdrawals or errors in your account.
• Plan for Education Expenses: Knowing your Edusave balance helps you plan for future education expenses, such as tuition fees or enrichment programs.
• Maximize Government Matching: The government provides matching contributions up to certain limits. Regularly checking your balance ensures that you are taking advantage of this opportunity to maximize your savings.

Importance of Education Savings

Saving for education is essential for several reasons:

• Rising Education Costs: The cost of education has been steadily increasing in recent years. Edusave helps you accumulate funds to offset these rising costs.
• Improved Academic Performance: Studies have shown that students with savings accounts are more likely to succeed academically and pursue higher education.
• Financial Literacy: Edusave teaches students the importance of saving and financial planning.
• Peace of Mind: Knowing that you have funds set aside for education provides peace of mind and reduces financial stress.

Strategies for Effective Edusave Management

• Set Savings Goals: Determine how much you want to save in your Edusave account and create a plan to achieve your goal.
• Make Regular Contributions: Set up automatic contributions from your bank account or make a conscious effort to contribute regularly.
• Take Advantage of Matching Contributions: Ensure that you contribute enough to your Edusave account to maximize the government matching contributions.
• Encourage Your Child to Save: Teach your child the value of saving and encourage them to contribute to their Edusave account.
• Monitor Your Balance Regularly: Regularly check your Edusave balance to track your progress and identify any potential issues.

How to Check Edusave Balance: A Step-by-Step Approach

Online (SingPass MyInfo):

1. Go to the SingPass MyInfo website.
2. Log in using your SingPass credentials.
3. Select "Edusave Account" from the "Education" category.
4. Review your Edusave balance under the "Balance" section.

myEdusave App:

1. Download the myEdusave app from the App Store or Google Play.
2. Register and log in using your SingPass or NRIC.
3. Tap on the "Balance" tab to view your Edusave balance.

SMS:

1. Send an SMS to 71177 with the following message:

EDU nric number

2. You will receive an SMS with your Edusave balance.

Comparison of Edusave Balance Checking Methods

Conclusion

Checking your Edusave balance is a crucial aspect of managing your education savings. Regular balance checks allow you to monitor your progress, identify any issues, and maximize the benefits of this valuable savings scheme. By following the steps outlined in this guide, you can easily access your Edusave balance and take control of your educational expenses.

Additional Resources

• MyEdusave Website
• DBS Edusave Account
• POSB Edusave Account
• Ministry of Education: Edusave
• CPF Board: Edusave Account